The complex, known as Ocean Towers, is a 317-unit cooperativehousing development. Consisting of two 19-story towers, it islocated at 201 Ocean Ave. The project had been severely damaged bythe 1994 Northridge earthquake, but has since been nearly restored.The loan is being used to pay for large-scale repairs, astate-of-the-art seismic retrofit and overall cosmetic upgrades,most of which have been substantially completed.

The $70 million, 10-year loan was provided by NCB Capital Corp.,a wholly owned subsidiary of Washington, DC-based NationalCooperative Bank. The loan refinances an existing first mortgage ofapproximately $44 million held by GMAC Commercial Mortgage Corp.and $7.1 million in second mortgage financing held by NCB.

Steven McCoy of Sumitomo Real Estate Sales in New York brokeredthe deal. The borrower, Ocean Towers Housing Corp., was representedby Joseph Orlando, president, and the board of directors. Thelender was represented by Joseph Sturiale, managing director ofNational Cooperative Bank.

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